Trustmark Annual Report 2014

FY2014 Annual Report · Trustmark

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2014 Annual Report

Vision
Our vision is to be a premier financial services
company in our marketplace.

Mission
Our mission is to achieve outstanding customer
satisfaction by providing banking, wealth
management and insurance solutions through
superior sales and service, utilizing excellent
people, teamwork and diversity, while meeting
our corporate financial goals.

Table of Contents

Letter to shareholders

Trustmark’s core values

Corporate board

Corporate information

Bank board and executives

Regional and market executives

Community bank advisory directors

Financial highlights

To our shareholders:

2014 was a year of significant achievement for Trustmark.

earnings provided by our diverse financial services businesses.

We continued to build upon and expand customer

During the year, loans held for investment increased

relationships as reflected by growth in our diversified banking,

$650.6 million, or 11.2%, to total $6.4 billion. This growth

wealth management and insurance businesses. Over the course

was diversified by loan type as well as by geographic market

of the year, total revenue exceeded $578 million, the highest

and reflected continued efforts to provide customers with

level in Trustmark’s history. We experienced excellent growth in

products that met their specific objectives. Collectively, loans

our legacy loan portfolio, and the performance of our acquired

held for investment and acquired loans totaled $7.0 billion at

loan portfolio continued to exceed expectations. Credit quality

December 31, 2014.

continued to improve and remained an important contributor

Our deposit base, which totaled $9.7 billion at year-end

to our success. Our wealth management business achieved

2014, remains diversified and provides an excellent low-cost

the highest revenue in its history, while our insurance services

source of funds. Approximately 58% of our customers’ deposits

business had its best year since 2007. We also made investments

are in checking accounts, including 28% in noninterest-bearing

to enhance service, revenue generation and productivity as well

accounts. Experience and attention to customer relationships

as built compliance and risk management systems to position

have afforded Trustmark a position of leadership in the majority

Trustmark for continued success in the years ahead.

of communities we serve. We are particularly pleased to have

Our performance is driven by values that have sustained

the #1 deposit market share in Mississippi as well as the Jackson

this organization for more than 125 years: integrity, service,

MSA. Among all markets served, Trustmark has a top-three

accountability, relationships and solutions. These values

deposit market share in 65% of markets and a top-four position

build strong, long-term relationships, the outcome of which

in 75% of markets.

is reflected in Trustmark’s solid financial results. Our core

values unite Trustmark associates and distinguish us from the

Credit Quality

competition. Trustmark is a community-focused, values-guided

Credit quality continues to be a defining strength of

organization whose 3,000+ associates make a sustainable

Trustmark. During 2014, recoveries exceeded charge-offs,

difference in the lives of customers and communities we

resulting in a net recovery of $2.0 million while the provision

serve. We would like to take this opportunity to review our

for loan losses for loans held for investment was $1.2 million.

notable financial accomplishments, share our direction for the

Classified and criticized loan balances declined 12.3% and

future and highlight a few of the ways Trustmark is serving its

15.9%, respectively, over the course of the year. The allowance

customers and communities.

Financial Highlights

for loan losses totaled $69.6 million at December 31, 2014,

representing 180.95% of nonperforming loans, excluding

impaired loans. The aforementioned credit metrics exclude

Trustmark continued to produce solid profitability metrics

acquired loans and other real estate covered by FDIC loss-

despite continued low interest rates that compressed net

share agreement.

interest margins and additional regulatory mandates that

reduced revenue and increased compliance and operating

Risk Management and Capital Strength

costs. Net income in 2014 totaled $123.6 million, resulting in

Trustmark has embraced an enterprise-wide approach

diluted earnings per share of $1.83, an increase of 4.6% from

to risk management, which includes comprehensive

the prior year. This performance produced a return on average

identification, monitoring and proactive mitigation of potential

tangible equity of 12.97% and a return on average assets of

risks facing the organization. Risk management is also a central

1.03%. Trustmark paid quarterly cash dividends of $0.23, or

component of our strategic planning process as well as the

$0.92 annually, in 2014. During the year, over half of Trustmark’s

process to introduce new products and services. As a financial

net income was returned to shareholders through dividends.

institution with assets in excess of $10 billion, Trustmark

These dividends have grown over time — and have never

is subject to capital stress testing requirements. Our Board

decreased — as the result of the quality and sustainability of

remains actively engaged in reviewing our risk management

Photo courtesy of Ken Murphy

efforts to ensure liquidity, funding and capital levels are

they choose. While we believe banking center offices will remain

appropriate under varying stressed conditions.

an extremely important delivery channel, banking will continue

At year-end 2014, total shareholders’ equity exceeded $1.4

billion, while tangible equity totaled $1.0 billion, or 8.62% of

tangible assets. Trustmark’s regulatory capital ratios continue to

significantly exceed levels to be classified as well-capitalized. We

strive to deploy capital in manners that enhance shareholder

value; these capital management options include reinvesting

in the franchise to support organic growth, acquisitions to

to evolve as something customers will do, not necessarily

some place they will go. As such, we are making investments in

mobile banking products to ensure our customers’ electronic

banking experience is secure, dependable and provides state-

of-the-art access and functionality.

As customer preferences transition toward conducting

create additional growth and diversification opportunities,

more banking transactions electronically, we have the

consistent dividends and utilizing share repurchase programs

opportunity to optimize our branch network. Over the last

as appropriate.

Positioning for Success in the Changing Financial
Services Environment

Profitability in the banking industry has diminished as

a result of prolonged low interest rates, which reduced net

interest income, as well as regulatory mandates that reduced

three years, we consolidated 22 offices with limited growth

opportunities. We reallocated a portion of these resources

to expand our banking center presence with the addition of

five offices in attractive markets including Birmingham and

Montgomery, Alabama; Memphis, Tennessee; and Houston,

Texas. These actions better align our branch network to serve

interchange income for financial institutions with assets greater

our customers, improve efficiency and profitability, and

than $10 billion. In addition to these revenue headwinds,

position the corporation for additional growth.

heightened regulatory oversight and related compliance

requirements have significantly increased the cost of doing

business. Trustmark has been impacted by these challenges as

well. Rather than focus upon what is beyond our control, we

choose to diligently take action in areas within our control.

We have adapted to this changing environment by

repositioning product offerings, reducing the square footage

During the year, Trustmark National Bank created a new

position of Chief Administrative Officer with responsibility for

coordinating resources within the organization that support

revenue-generating activities of various business lines. Jim

Outlaw, an established banker and former chief information

officer with tenure of 18 years at Trustmark, was selected

of our new banking centers and investing in technology that

to support our efforts to streamline processes to improve

enables customers to conduct business where, when and how

efficiency and profitability across the organization.

TRMK Corporate Office

Revenue Generation

complementary nature of its diverse businesses. While

Trustmark’s total revenue reached a record level of $578.5

contributions from our mortgage banking business declined,

million in 2014. Our banking business continued to post

our wealth management and insurance services each posted

solid growth as revenue increased to $464.1 million, or 80%

significant growth.

of our total revenue. Net interest income (FTE) increased to

Our wealth management division, which provides

$421.2 million, resulting in a net interest margin of 4.03% in

comprehensive and integrated services to accumulate,

2014 compared to 4.01% in 2013. Excluding acquired loans,

preserve and transfer wealth, achieved the highest

the net interest margin in 2014 was 3.52%, down only three

revenue in its history. For the year, revenue totaled $33.1

basis points from the prior year.

million, an increase of 10.1% from the prior year. This

Our mortgage banking, wealth management and

growth was attributable to improved profitability within

insurance businesses continued to make significant

the trust management business as well as increased sales

contributions to our financial success. Collectively, these

within investment services resulting from improved

complementary businesses represented 20% of Trustmark’s

market conditions. Wealth management assets, which

total revenue in 2014. Mortgage loan production in 2014

include trust and brokerage assets, totaled $11.7 billion at

totaled $1.2 billion, a decline of 17.8% from levels in 2013;

December 31, 2014.

this decline was attributable to lower refinancing activity

Trustmark’s insurance services division, which

following an extended low interest rate environment.

provides a full range of commercial and personal risk

Mortgage banking revenue totaled $47.6 million, a decline of

management products, had its best year since 2007. With

18.7% from the prior year, principally due to lower secondary

a continued focus on business development, revenue

marketing gains resulting from tightening mortgage spreads

for the year totaled $33.7 million, an increase of 8.3%

and reduced volume. One of Trustmark’s strengths is the

compared to 2013.

Expense Management

Trustmark remains committed to continuous

targeted small business lending within low-to-moderate

income areas as well as almost $123 million in community

improvement and has a proven process for investing in our

development loans primarily benefiting low- and moderate-

businesses to promote growth and efficiency. As we have said

income individuals. Our collaborative work with community

on numerous occasions, expense management at Trustmark is

not a one-time program, but is rather a long-standing culture

to ensure value is maximized from each dollar spent. In 2014,

noninterest expense totaled $409.0 million, down 1.6% from

the prior year. Although total noninterest expense declined,

we reallocated resources and made significant investments in

mobile and digital banking platforms and will introduce new

features in 2015 including remote deposit and enhanced bill

pay functionality. These investments are designed to provide

additional convenience and service for our customers.

Community Involvement

Trustmark has a strong legacy of being actively engaged

in its communities and believes that a solid understanding

of basic financial concepts is essential to creating a stronger

future. Each year, our associates spend thousands of

hours in their communities in ways that are sustainable

and meaningful. In 2014, Trustmark associates taught over

250 financial education classes, covering such topics as

service providers, developers, realtors, housing advocates

and others resulted in nearly $11 million of investments that

provided affordable housing, employment and community

services for those with low-to-moderate incomes. This is

a direct reflection of our commitment to strengthen the

communities in which we operate.

Focus on the Future

We understand and respect the sources of our continuing

success and remain steadfast in our commitment to the

customers, associates, shareholders and communities we

have the privilege of serving. Our core values have sustained

this organization for more than 125 years, and we look to

the future with confidence and optimism. Trustmark is well

positioned to pursue opportunities for growth, navigate

the changing regulatory landscape and, most importantly,

help our customers achieve financial success. In 2015, we

will continue to broaden customer relationships, refine the

delivery of our products and services, improve operational

homebuyer education, credit counseling, budgeting, savings

efficiency and effectively manage risk.

and other basic financial concepts. In addition, during the

We appreciate your support and look forward to

year, we implemented the Trustmark Financial Scholars

providing banking and financial solutions to meet your needs.

Program to enhance financial literacy of students at 125 high

Trustmark is “People you trust. Advice that works.”

schools across Mississippi. Through this initiative, Trustmark

helped to pioneer a statewide public, private and non-profit

partnership to bring personal finance education to every high

school in the state. We are using the tools teens love — digital

learning and gaming — to bring complex financial concepts to

life for today’s millennial generation. We are proud to support

programs that make a positive difference in the community.

Trustmark continues to operate under an “Outstanding”

rating by the Office of the Comptroller of the Currency for

its Community Reinvestment Act (CRA) program. Our CRA

program provided nearly $100 million in home mortgages

within low-to-moderate income areas and $82 million in

home mortgages to low-to-moderate income borrowers.

Trustmark also provided approximately $170 million in

Sincerely,Daniel A. GraftonChairmanTrustmark CorporationGerard R. HostPresident and Chief Executive OfficerTrustmark CorporationBuilt on trust. Guided by values.

Trustmark ranks as one of the South’s oldest and strongest financial institutions,

comprised of more than 3,000 professionals serving customers through over 200 banking

centers. Trustmark now has a five-state franchise, something that the company’s founders

would have never envisioned. Growth has been achieved by offering sound products

and providing exceptional service, while also living the core values that have defined the

company throughout its history — integrity, service, accountability, relationships and

solutions. These values have earned the trust of customers and community partners,

united Trustmark associates and provided the foundation that has helped Trustmark

continue to be a solid investment for shareholders.

An organization rooted in integrity

Trustmark’s leadership has always believed that earning trust begins with an

unwavering commitment to absolute integrity. Every day, in every interaction and in every

Trustmark associate, you can see integrity in action.

Integrity has served as Trustmark’s guiding philosophy, shaping policies, framing

relationships and directing how we present ourselves and conduct business. As we

expand into new markets and forge relationships with new customers and communities,

the Trustmark name is preceded by a reputation of integrity built through 125 years of

conducting business ethically and honestly.

Financial strength in action:
Hix Snedeker

The next time you drive by a Tractor

Over the past several years, Trustmark

Supply Company store or a Dollar

has financed 37 Hix Snedeker projects

General, there’s a strong possibility that

totaling more than $85 million. The

it was built by Hix Snedeker Companies

projects financed by Trustmark have

with financing from Trustmark.

Founded by principals Ray Hix

and Haymes Snedeker, the firm is a

commercial real estate development

company specializing in build-to-suit

net lease developments. The company

is one of the leading developers in the

country for Tractor Supply Company,

the largest operator of rural lifestyle

stores in the United States. In addition

to their work with Tractor Supply, Hix

Snedeker has developed a significant

number of stores for Dollar General,

been located in eleven states: Alabama,

California, Colorado, Florida, Georgia,

Louisiana, Mississippi, North Dakota,

Texas, Utah and Wyoming.

Hix stated, “We have a great deal

of confidence in our relationship

with Trustmark. They have integrity,

and that’s important to us. Also,

we know that when we enter into a

development, our bank will be right

there with us. Trustmark has been a

critical part of our success.”

as well as a number of other clients.

By working with companies like

Hix Snedeker turned to Trustmark

Hix Snedeker, Trustmark is helping

because of its financial strength,

fuel economic growth throughout the

responsiveness and reputation.

Trustmark market area.

Tractor Supply Company store
developed by Hix Snedeker

Haymes Snedeker and Ray Hix, co-founders
of Hix Snedeker

Creating a culture of service

Service is the cornerstone of Trustmark’s culture. In today’s highly competitive financial

services industry, it is not acceptable to provide service that simply meets expectations.

A company must consistently exceed expectations in order to gain customer loyalty.

Trustmark associates are committed to providing outstanding service and strive daily to

exceed expectations, never taking customer loyalty for granted. Our growth over the years

can be attributed to a successful combination of repeat business from customers who

have relied upon us as their trusted financial partner, along with new customers seeking to

experience the level of service our associates are accustomed to providing.

Changing lives through lending:
Waterfront Rescue Mission

Since 1949, Waterfront Rescue Mission

that resulted in significant savings for the

has been serving the community by

Mission during the construction phase of

providing meals, overnight housing, job

the building project.

training, healthcare and addiction services

Mission director Bill Bru explained that

for homeless people in Mobile, Alabama.

the new facility has made a profound

For years, the Mission was housed

difference in their ability to meet the needs

in three adjacent Victorian houses,

of the homeless population in Mobile.

which limited their ability to meet the

“The new facility has allowed the Mission

demand for their services. In order to

to serve more people than ever. It has

expand, they needed a new purpose-

almost doubled bed capacity and greatly

built facility. Trustmark recognized this

increased access to the Mission’s services,”

need and worked with the Mission to

said Bru. Currently, the Mission serves

make it happen.

approximately 400 meals per day and

The Mission received a $7.5

provides overnight housing for an average

million investment through Southern

of 90 people per night.

Community Capital, a subsidiary of

Trustmark is proud to work with

Trustmark National Bank that provides

organizations like Waterfront Rescue

below-market cost capital to projects in

Mission because their goal reflects

underserved low-income communities.

one of Trustmark’s goals — to serve the

Utilizing New Market Tax Credits,

community in a way that will make life

Trustmark was able to structure a package

better for all who live there.

Bill Bru, director of Waterfront Rescue Mission

Acting with accountability

Actions are oftentimes meaningless without accountability. Throughout the Trustmark

organization, every associate understands that they are accountable to customers,

communities, shareholders and to each other. Accountability goes far beyond responsibility.

It involves taking total ownership of an issue, task or project and seeing it through to a

successful completion.

Accountability means making sure that a customer’s need is addressed to the fullest

extent. It means ensuring that we support our communities to help make them better

places to live, work and conduct business. It means doing everything in our power to

manage the organization in a manner that creates long-term value for our shareholders.

And, for every Trustmark associate, accountability means ensuring that we each carry out

our responsibilities thoroughly and professionally every day.

An investment in the future:
The Trustmark Financial Scholars Program

Trustmark recognizes that the

One of the schools chosen to

most impactful way to invest in the

participate in this innovative program

future is to invest in children. One

was Columbia High School. Sheila

example of this philosophy in action

Burbridge, the school’s principal,

is the Trustmark Financial Scholars

explained that the program is making

Program.

a tremendous difference in the lives of

In honor of its 125th anniversary,

Columbia students. “This program is

Trustmark partnered with EverFi,

preparing our students for success in the

a leading education technology

real world after graduation,” Burbridge

company, to bring an interactive

said. “It is giving them a solid foundation

financial management program to 125

for their financial future.”

Mississippi public and private high

The Financial Scholars Program is

schools. Focused on financial literacy,

one more example of how Trustmark

the Trustmark Financial Scholars

is demonstrating accountability by

Program educates young people

promoting financial literacy programs

in a number of key areas including

which position students for success. The

taxes, investing, insurance, saving

program has been so well received that

money, debt, building credit and

the school has made it a required course

more. For many students, it is their

for high school juniors and seniors. Even

first exposure to financial basics like

members of the school’s staff are taking

balancing a checkbook or establishing

part in the program as part of their

a savings account.

continuing education.

Olivia Jarman, Columbia High School teacher,
advises Trustmark Financial Scholars Program student

Sheila Burbridge, principal of Columbia High School

Earning business by cultivating relationships

Trustmark has grown to serve communities across five states — Alabama, Florida,

Mississippi, Tennessee and Texas. These towns and cities are more to us than just locations

on a map. They are our communities, filled with families, individuals and businesses that

we seek to serve.

We see every member of these communities as part of a network of integral relationships

that are important. Trustmark has built its customer base by building relationships: from

the customers in the lobby or online to the parents at the local baseball field; from mom-

and-pop proprietors to CEOs of the largest corporations; from the teenager opening a first

checking account to the wealth management client establishing a trust fund to preserve

their legacy for generations. Just as the success we enjoy today is a result of relationships

forged years ago, the future of Trustmark is tied to maintaining these relationships as well

as those we will continue to develop. Relationships are our future, which is why we work

diligently to nurture them at every opportunity.

A business relationship built on trust:
Emerald Coast Culligan

When businesses grow, so do

According to owner Jay Trumbull,

communities. Throughout the

much of the company’s growth can

South, Trustmark is building strong

be attributed to strategic acquisitions.

relationships with businesses like

As the company’s primary bank,

Emerald Coast Culligan, helping them

Trustmark has provided Emerald Coast

achieve their growth potential through

Culligan financing to help achieve

a full spectrum of business banking

their acquisition goals. Trumbull’s

and risk management services.

relationship with Trustmark extends

From locations in Alabama, Florida

beyond business banking. The

and Georgia, Emerald Coast Culligan

company also utilizes the insurance

offers a broad range of water treatment

and risk management services of

solutions for residential, commercial

Trustmark subsidiary Fisher Brown

and industrial applications. The

Bottrell, Inc.

company also provides bottled water

“We very much value our

for homes and businesses. With annual

relationships with Trustmark and Fisher

sales of $10 million, Emerald Coast

Brown Bottrell,” Trumbull stated. “They

Culligan employs more than 75 people

have always been responsive, efficient

and operates a fleet of 60 vehicles.

and easy to work with.”

Jay Trumbull, owner of Emerald Coast Culligan

Financial solutions for a changing world

The pace of today’s world is much different from that of our founding in 1889, and can

often be overwhelming. The business world is more complex than ever. Technology brings

new possibilities almost every day, and with these possibilities come new challenges.

Clearly, consumers and businesses need more than just products and services from their

financial institution. They need advice that works.

Trustmark has responded by providing solutions that make life easier for customers,

both business and personal. In recent years, Trustmark has introduced impressive

timesaving services like the Deposit Express ATM and a full range of online banking

options that provide customers the convenience of safe and secure banking when and

where it suits them best. We are helping businesses better manage their bottom line

through cash management and risk management solutions that are tailored for their

unique needs. Most importantly, we provide solutions in the form of sound, solid advice

that we offer customers every day.

It all begins with trust

Many things have changed in the world, and indeed, in the financial services industry,

but one thing has not changed — Trustmark remains a company built on trust, guided

by values that lie at the heart of every action. Trustmark’s core values — integrity, service,

accountability, relationships and solutions — have directed Trustmark since its inception

and continue to define who we are and what we stand for, both as a company and as

individuals. These values have provided direction and perspective. Above all, they have

helped us achieve our goal of building and maintaining the trust of our associates,

customers, shareholders and the many communities we serve.

A community success story:
Sal & Mookie’s

When Jeff Good and Dan Blumenthal

a financing solution for Sal & Mookie’s,

opened Sal & Mookie’s New York

their third restaurant. Trustmark

Pizza & Ice Cream Joint, they brought

provided an SBA 7(a) guaranteed loan,

more to their community than just

helping the restaurateurs obtain more

an exciting new restaurant. They also

favorable financing terms.

helped bring new economic life to their

Today, Sal & Mookie’s employs

neighborhood and city.

approximately 75 people and was

Rather than locate in a thriving retail

named Best New Restaurant by

center, the pair chose to open their

Mississippi Magazine. Also, Good and

restaurant in the Fondren Historic

Blumenthal were recently named Small

District of Jackson, Mississippi,

Business Persons of the Year by the

a distressed area on the border

Mississippi District Office of the U.S.

of a growing shopping, arts and

Small Business Administration.

entertainment district. Good explained,

After seeing the success of Sal &

“We thought it would be a gift to the city

Mookie’s, other restaurant owners

to invest in the area.”

followed suit and located nearby,

Good and Blumenthal, owners of

generating even more jobs and further

the restaurant group Mangia Bene,

strengthening the local economy.

had been Trustmark customers for

By providing lending solutions

years. Because of their satisfaction

to entrepreneurs like Good and

with previous experiences, they again

Blumenthal, Trustmark is helping build

turned to Trustmark when they needed

stronger, more vibrant communities.

Jeff Good and Dan Blumenthal, co-owners of
Sal & Mookie’s New York Pizza & Ice Cream Joint

Trustmark Corporation
Directors

Adolphus B. Baker
Chairman, President and
Chief Executive Officer
Cal-Maine Foods, Inc.

Toni D. Cooley
President
Systems Electro Coating

Daniel A. Grafton
Chairman
Trustmark Corporation
Chairman
Trustmark National Bank
President
L-3 Communications
Vertex Aerospace
(Retired)

Trustmark Corporation
Officers

Daniel A. Grafton
Chairman

Gerard R. Host
President and
Chief Executive Officer

Annual Meeting
of Shareholders

Gerard R. Host
President and
Chief Executive Officer
Trustmark Corporation
President and
Chief Executive Officer
Trustmark National Bank

David H. Hoster II
President,
Chief Executive Officer
and Director
EastGroup Properties, Inc.

LeRoy G. Walker, Jr.
President
LTM Enterprises, Inc.
DBA McDonald’s Restaurant

William G. Yates III
President and
Chief Executive Officer
W.G. Yates & Sons
Construction Company

John M. McCullouch
Associate Dean
Metro Jackson
University of Mississippi
School of Law

Richard H. Puckett
Chairman and
Chief Executive Officer
Puckett Machinery Company

R. Michael Summerford
President and
Chief Operating Officer
ChemFirst, Inc.
(Former)

T. Harris Collier III
Secretary

Melanie A. Morgan
Assistant Secretary

Louis E. Greer
Treasurer and
Principal Financial Officer

Trustmark Corporation’s Annual Meeting of Shareholders
will be held on Tuesday, April 28, 2015, at 2:00 p.m. in the
Trustmark Conference Center at the Mississippi Sports
Hall of Fame, 1152 Lakeland Drive, Jackson, Mississippi.

Trustmark Corporation
248 East Capitol Street | Jackson, MS 39201 | www.trustmark.com

Corporate
Information

Trustmark Corporation Annual Report 2014

Common Stock
Trustmark common stock is listed on the NASDAQ Global Select
Market and is traded under the symbol TRMK.

Shareholder Services
Trustmark’s shareholder services are provided by
American Stock Transfer & Trust Company, LLC (AST).
AST will assist with:

Dividend Reinvestment and Stock Purchase and Sale
Trustmark is pleased to offer the Investors Choice Dividend
Reinvestment & Direct Stock Purchase and Sale Plan (Plan),
a voluntary plan administered by AST. Under the Plan,
shareholders may reinvest dividends, purchase additional shares,
sell all or part of shares owned or deposit their Trustmark stock
certificates for safekeeping or sale. For more information, call
(877) 476-4393 or visit AST’s website at www.amstock.com.

Registration status
Dividend payments
Change of address
Lost certificates
Transfer of ownership
Other inquiries or requests

Shareholder Requests and Account Access
Shareholders may contact AST through one of
the following methods:

Online:
Registered shareholders can view their
account information through AST’s website,
www.amstock.com, by clicking on Shareholder
Account Access. This website provides
instructions on how to gain access to

shareholder account information, perform
certain transactions, request forms or
participate in the Investors Choice Dividend
Reinvestment & Direct Stock Purchase and
Sale Plan. Shareholders may also e-mail our

transfer agent at info@amstock.com.

Telephone:
Shareholders may call our toll-free number

(877) 476-4393 for assistance.

Written Correspondence:
Shareholders should mail written account
inquiries or other requests for assistance
regarding stock ownership to:

Trustmark Corporation
c/o American Stock Transfer & Trust Co., LLC
Operations Center
6201 15th Avenue
Brooklyn, NY 11219

Financial Publications Available at No Charge
Additional copies of Trustmark’s Annual Report on Form
10-K, quarterly reports and other corporate publications
are available, without charge, at www.trustmark.com or
upon request by calling our Investor Relations Department
at (601) 208-6898 or by writing to:

Trustmark Corporation
Attn: Investor Relations
248 East Capitol Street
Jackson, MS 39201

Investor Inquiries
Analyst and investor inquiries may be directed to:

F. Joseph Rein, Jr.
Senior Vice President
(601) 208-6898
jrein@trustmark.com

Louis E. Greer
Treasurer and Principal Financial Officer
(601) 208-2310
lgreer@trustmark.com

Media Inquiries
Media representatives seeking general
information should contact:

Melanie A. Morgan
Senior Vice President
(601) 208-2979
mmorgan@trustmark.com

Trustmark National Bank
Directors

Adolphus B. Baker
Chairman, President and
Chief Executive Officer
Cal-Maine Foods, Inc.

William A. Brown
President and
Chief Executive Officer
Brown Bottling Group, Inc.

James N. Compton
General Manager and
Chief Executive Officer
South Mississippi Electric
Power Association

Tracy T. Conerly
Partner Emeritus
Carr, Riggs & Ingram, LLC

Toni D. Cooley
President
Systems Electro Coating

Trustmark National Bank
Board Officers

Harry M. Walker
President
Mississippi Business
and Community Relations
Trustmark National Bank

LeRoy G. Walker, Jr.
President
LTM Enterprises, Inc.
DBA McDonald’s Restaurant

William G. Yates III
President and
Chief Executive Officer
W.G. Yates & Sons
Construction Company

Daniel A. Grafton
Chairman
Trustmark Corporation
Chairman
Trustmark National Bank
President
L-3 Communications
Vertex Aerospace
(Retired)

J. Clay Hays, Jr., MD
President
Jackson Heart Clinic, PA

Gerard R. Host
President and
Chief Executive Officer
Trustmark Corporation
President and
Chief Executive Officer
Trustmark National Bank

David H. Hoster II
President,
Chief Executive Officer
and Director
EastGroup Properties, Inc.

John M. McCullouch
Associate Dean
Metro Jackson
University of Mississippi
School of Law

Harris V. Morrissette
President
China Doll Rice & Beans, Inc.
Dixie Lily Foods

Richard H. Puckett
Chairman and
Chief Executive Officer
Puckett Machinery Company

R. Michael Summerford
President and
Chief Operating Officer
ChemFirst, Inc.
(Former)

Daniel A. Grafton
Chairman

Gerard R. Host
President and
Chief Executive Officer

T. Harris Collier III
Senior Vice President,
General Counsel and
Secretary

Melanie A. Morgan
Senior Vice President and
Assistant Secretary

Trustmark National Bank
Executive Management

Gerard R. Host
President and
Chief Executive Officer

Duane A. Dewey
President
Corporate Banking

Louis E. Greer
Executive Vice President and
Chief Financial Officer

George C. Gunn
Executive Vice President and
Real Estate Banking Manager

Robert B. Harvey
Executive Vice President and
Chief Credit Officer

Glynn Ingram
Executive Vice President and
Chief Information Officer

James M. Outlaw, Jr.
Executive Vice President and
Chief Administrative Officer

Thomas C. Owens
Executive Vice President and
Bank Treasurer

Douglas H. Ralston
President
Wealth Management

W. Arthur Stevens
President
Retail Banking

Breck W. Tyler
President
Mortgage Services

Chester A. Wood, Jr.
Executive Vice President and
Chief Risk Officer

C. Scott Woods
President
Insurance Services

Trustmark National Bank
Regional and Market Executives

Regional

Market

Trustmark Corporation Annual Report 2014

John B. Barnett III
Brewton

Kevin S. Carey
Mobile

Paul J. England
Monroeville

David E. Sutley
Baldwin County

John C. Kirby
Montevallo

William V. Lewis
Greenville

Charles E. Singleton
Demopolis

James A. Stewart
Selma

James B. Hurst
Opelika

Charles R. Schaeffer
Eufaula

R. Wade Seamon
Prattville

John G. Hindsman
Bay County

Jonathan E. Ochs
Okaloosa and
Walton Counties

William C. Callaway, Jr.
Greenville

Michael E. Crandall
Canton

Joe B. Madden
Hazlehurst

Eric C. Brown
MS Gulf Coast

Danny M. Trusty
Tylertown

Victor L. Marlar
Corinth

Thomas Kendall
Vicksburg

J. Gregory Bennett
Laurel

Darrell W. Temple
Taylorsville

David G. Anderson
Meridian

Bart C. Wise
Columbus

John David Douglas
Fayette County

Jason A. Douglas
McComb

James A. Smith
Magee

Charles H. Lewis IV
Hattiesburg

Stanley L. Foster
Brookhaven

Clifton Thach
Greenwood

Charles T. Magee
Columbia

H. Frank Rhea
Carthage

Charles R. Russell
Tupelo

Alabama

Michael D. Fitzhugh
Regional President
South Alabama

Edward T. Livingston
Regional President
West Central Alabama

Linwood McClain
Regional President
East Central Alabama

Florida

John D. Sumrall
Regional President
Florida

Mississippi

Jerry M. Hall
Regional President
West Mississippi

W. Holt McMullan
Regional President
South Mississippi

John S. Stringer
Regional President
Northeast Mississippi

Tennessee

Aubrey E. Henson, Jr.
Regional President
Memphis Region

Texas

William S. Bridges
Regional President
Houston

Trustmark National Bank
Community Bank Advisory Directors

Alabama

Brewton

John B. Barnett III
President
Trustmark National Bank

Broox G. Garrett
Attorney
Thompson, Garrett & Hines

Mark Manning
Administrator
West Gate Village Nursing Home

Cosby Martin
Owner
Marco Land & Petroleum

Thomas E. McMillan, Jr.
Managing Member
Longleaf Energy

McGowin Miller
President
Miller Relocation Services

Steve Nelson
Retired Banker

Phillip L. Parker
Director of Pharmacy
D. W. McMillan Memorial Hospital

Stephanie Walker
Pre-school Director
St. Stephen’s Episcopal Church

Centreville

John Downs
Business Office Manager
Alabama Power Company

Debbie Martin
Funeral Director/Office
Administrator
Rocko Funeral Home

J. W. Oakley
Recruiting Coordinator
School of Communications
University of Alabama

Demopolis

Gary B. Butler
President
Butler & Company, Inc.

Johnnie Anderson Shows II
Owner
Jaber, Inc.

Charles E. Singleton
President
Trustmark National Bank

Mem Stewart Webb
Owner
Webb Realty, Inc.

Thomas Alvin Williams
Partner
Morgan’s Ice

Dan E. Wilson
Owner
Colony Office Products

Eufaula

Robert M. Dixon, Jr.
CEO
M C Dixon Lumber Company, Inc.

Mo Erkins
Retired Military

Steve Edmonds
President
Windwood Management Group

Mary Foy Kirkland
President
Young Johnston and Associates, Inc.

Mike Hobson
Attorney
Hobson Law Firm

Bobby Leach
Business Manager
Cahaba Companies

Charles R. Schaeffer
President
Trustmark National Bank

Joel Smith, Jr.
Attorney
Williams, Potthoff, Williams & Smith

Robert L. Taylor
Owner
Bobby Taylor Enterprises

Deltonya Warren
Director of Curriculum
Eufaula City Schools

Doug Winkleblack
Southern Regional
Manager
Alabama Interforest Corp

Greenville

Barry E. Boan
President
Boan Contracting

Ken Chesser
Owner
KC Land & Cattle Company

P. Richard Hartley
Partner
Hartley & Hickman Attorney At Law

William V. Lewis
President
Trustmark National Bank

Dexter McLendon
Mayor
City of Greenville

Allin Whittle
Butler County Commissioner
Retired/Assistant Superintendent
Butler County Board of Education

Warren J. Williamson
Retired/Attorney
Williamson & Williamson
Attorney At Law

Mobile

Sumner G. Adams
Vice President
Cash Management/Finance
Norton Lilly International

Frank McKinley Bell III
President
Marine Rigging, Inc.

Kevin S. Carey
President
Trustmark National Bank

David C. DeLaney
President
First Small Business Investment Co.
of Alabama

Clifton C. Inge, Jr.
CEO
IPC Industries, Inc.

Frank J. Lott III
President
Heritage Homes

Harris V. Morrissette
President
China Doll Rice & Beans, Inc.
Dixie Lily Foods

Alfred M. Newmann, Jr., MD
Premier Medical ENT West

Henry F. O’Connor III
Attorney
Jones Walker

E. Luckett Robinson II
Vice President
Finance
Overseas Hardwood Corp (OHC)

Monroeville

Pete Black
Alabama Business Development Mgr.
Parsons & Whittemore

Haniel Croft
Retired – President
BankTrust

Paul J. England
President
Trustmark National Bank

John E. Estes, Jr.
Vice President
J E Estes Wood Company, Inc.

Sloan Fountain
Retired – Vice President/Mgr.
Vanity Fair Mills, Inc.

Trustmark Corporation Annual Report 2014

Florida

Angus G. Andrews
Real Estate Investor/Developer

Tracy T. Conerly
Partner Emeritus
Carr, Riggs & Ingram, LLC

Gerald R. Dunkle
President
Sundial Developers, Inc.

Robert C. McLendon
Commercial Insurance
Fisher Brown Bottrell Insurance, Inc.

James R. Moody IV
Accountant
Jinks & Moody, P.A.

Floyd Skinner
President
Skinner Tax Consulting, Inc.

David Spencer
President
Glass Center, Inc.

John D. Sumrall
Regional President
Florida
Trustmark National Bank

Jay N. Trumbull
Owner
Culligan Water Services, Inc.

Dennis A. Wallace
Member
Walton County School Board
(Retired)

Ed Lee, DMD
Dentist

John T. Lee
Retired – Auto Dealer
Lee Motor Company

Alex Roberts
Retired – Photographer
Alex Roberts Photography

Sandy Smith
Director
Monroeville Area Chamber of
Commerce

Dr. Reginald L. Sykes
President
Alabama Southern Community College

Montevallo

Philip C. Hubbard
Veterinarian
Countryside Animal Hospital

Karen Kelly
Director of Compensation and Benefits
US Pipe and Foundry

John C. Kirby
President
Trustmark National Bank

Leroy Lucas, Jr.
Owner
Lelco, Inc.

John W. Stewart III
President
University of Montevallo

Thomas Walker
Executive Director
American Village

Montgomery

Jim W. Benefield, DVM
Veterinarian
Carmichael Road Animal Clinic

Thomas H. Cawthon, MD
Otolaryngologist-Head and Neck Surgeon
Montgomery Otolaryngology

Loui P. Cone III
President
The Cone Company, Inc.

John Chisolm
Retired
Trustmark National Bank

John E. Hall, Jr.
Owner/Broker
John Hall and Company/Real Estate

Denson Henry
Vice President
Henry Brick Co.

Phyllis Ingram
Partner/Shareholder
Carr, Riggs & Ingram, LLC

Leonard N. Math
Partner/Shareholder
Chambless, Math & Carr, PC
Attorneys at Law

William E. Wallace
CEO
Goodwyn, Mills and Cawood

Prattville

John Boutwell
Owner
Boutwell Farms

J. N. Buckner
Partner
Buckner and Cook, LLC

Keith Gamble
Owner
FirstGuard, LLC

Larry Liveoak
Owner
The Liveoak Agency, Inc.

David McDowell
Partner
McDowell, Faulk and McDowell, LLC

R. Wade Seamon
President
Trustmark National Bank

Richard Williams
Owner/Partner
Williams Hotels

Selma

Tommy Atchison
Attorney
Pitts, Pitts and Williams

S. Kirk Johnson
Owner
Oxford Manufacturing

James A. Stewart
President
Trustmark National Bank

William P. Swift III
Owner
Swift Drug Co.

Abigail Tucker, DMD
Owner/Dentist
Tucker Family Dentistry

Ira M. Wagoner
Accountant
Edwards and Wilkinson, PC

Tallassee

Ben Atkinson
Owner
Ben Atkinson Motors, Inc.

Cecil Mack Daugherty
Chief of Security
Russell Lands

Gary Fuller
Owner
Fuller Warehouse & Gin, Inc.

Charles Frank Keith
Owner
Johnson Furniture

David Lawrence
Vice President / Owner
Tallassee Super Foods, Inc.

Hollis Mann
Store Manager
Tallassee Super Foods, Inc.

Jennie Rhinehart
CEO
Community Hospital, Inc.

Trustmark National Bank
Community Bank Advisory Directors

Mississippi

Brookhaven

Robert O. Allen
Partner
Allen, Allen, Breeland
& Allen Attorneys

Cecil Estess
Corporate Officer
Dickerson & Bowen

Robin Tyler Faust, CFSP
Funeral Director
Tyler Funeral Home, Inc.

Stanley L. Foster
President
Trustmark National Bank

Kenneth W. Goza
Program Manager
Mississippi Economic Council

Arlustra Henderson, Jr.
Chief of Police
City of Brookhaven
(Retired)

J. Spencer Mooney, MD
Physician/Owner
Quail Ridge Enterprise, Inc.

J. Kim Sessums, MD
Physician
Brookhaven OB-GYN Associates

Charlie Lee Smith
Chief Executive Officer
Southern Diversified Technologies, Inc.

A. Lavelle Sullivan
Co-Owner
Sullivan Ford-Lincoln

Canton

Michael E. Crandall
President
Trustmark National Bank

I. Hugh Edwards
Owner
Margaret’s Estate Silver

Carthage

Carl Blocker
Sales
Greco Electrical Contractor

Lee Carson
President
N.L. Carson Construction, Inc.

H. Frank Rhea
President
Trustmark National Bank

Susan Triplett
Administrator
Northeast Region
Sta-Home Health

Jason Wilcox
President/Owner
Wilcox Funeral Home

Steve Wilkerson
Owner
Steve’s on the Square

Columbus

Mark Alexander
Chairman
Dynahealth, Inc.

William Key Blair, Jr.
Vice President
Columbus Marble Works

Delynn W. Burkhalter
President
Burkhalter Rigging, Inc.

W. R. Phillips IV
Vice President
Phillips Contracting Company, Inc.

Bart C. Wise
President
Trustmark National Bank

Corinth

Victor L. Marlar
President
Trustmark National Bank

William J. Napier III
Vice President
Corinth Mill Supply

Ricky R. Stockton
Hotel Manager
S.S.S.S. & P., Inc.

Kenneth W. Williams
President
Corinth Coca-Cola Bottling Works
Refreshments, Inc.

Greenville

William C. Callaway, Jr.
President
Trustmark National Bank

Paul D. Dees
Partner
Greenland Planting Company

Gregg Alan Gober, MD
Surgeon
Mid South Sports
Medicine & Orthopedics

Stephen R. Jernigan
Owner
River City Rehabilitation

Harley Metcalfe III
Retired - Investor

Greenwood

H. Don Brock, Jr.
Partner
Whittington Brock & Swayze

Alexander John Malouf III
Co-Owner
The John Richard Collection, Inc.

Clyde V. Manning
Business Consultant

R. A. Norris
President
S&N Airflow, Inc.

Clifton Thach
President
Trustmark National Bank

Robert L. Upchurch
President
Upchurch Plumbing, Inc.

Hattiesburg

Thomas M. Duff
Managing Partner
Southern Tire Mart, LLC

John M. Fitzpatrick III, MD
President and Physician
Hattiesburg Clinic

William H. Gullung III, MD
Dermatologist
Hattiesburg Clinic, PA

Linda Kuykendall
Vice President
Commercial Business Interiors, Inc.

Charles H. Lewis IV
President
Trustmark National Bank

W. A. Payne III
President
Camellia Home Health

Robert O. Tatum, Jr.
Principal/Owner
CR Properties, LLC

Robert R. Vardaman
Owner and President
Vardaman Buick-Honda, Inc.

Hazlehurst

Olen C. Bryant, Jr.
Attorney
Bryant & Rutland, PLLC

Joe B. Madden
President
Trustmark National Bank

Fred J. McDonnell, MD
Physician
Copiah Medical Associates

John C. Pyron
Co-Owner
Copiah Forest Products, Inc.
Copiah Lumber Company, Inc.

A. Wendell Stringer
President
Stringer Family Funeral Services

Laurel

J. Gregory Bennett
President
Trustmark National Bank

Louis S. Crumbley
President
Crumbley Paper &
Food Service Co., Inc.

Linda R. Gavin
Associate Executive Director
of Marketing
South Central Regional
Medical Center

Jerome Harless
President
Flarestack, Inc.

Victor Jones, Jr.
President
Jones Sales and Service, Inc.

Rhes V. Low, Sr.
Investor
Low Company, LLC

Richard L. Yoder, Jr.
Attorney
Gilchrist Sumrall
Yoder & Boone, PLLC

Magee

Jacqueline P. Gordy
Secretary-Treasurer
Pace Oil Company

Charles Pruitt III, MD
Physician
Magee Medical and
Surgical Clinic, PLLC

James A. Smith
President
Trustmark National Bank

James H. Stuard, DMD
James Stuard Family Dentistry

McComb

Pat H. Brumfield, Jr.
President
Brumfield Oil Company, Inc.

Brad Clark
Vice President
Clark Construction Co., Inc.
of Mississippi

David B. Craddock
President
Craddock Oil Company

Jason A. Douglas
President
Trustmark National Bank

John Dale Dumas, DMD
John Dale Dumas PA

Michael Faust
CPA
Faust & Associates

Craig Haskins
Vice President
Commercial Developers, Inc.

Eric S. Lewis, MD
Surgeon
SW MS Oral and Maxillofacial
Surgery, Inc.

Meridian

David G. Anderson
President
Trustmark National Bank

Jay L. Davidson
President and Director
Southern Pipe & Supply, Inc.

Mark L. Denney
Owner
Meridian Order Buyers, Inc.
(Former)

Tommy E. Dulaney
President and
Chief Executive Officer
Structural Steel Services, Inc.

Billy W. Estes
President
Trustmark National Bank
(Retired)

Larkin Kennedy
Executive Vice President/Administrator
Rush Foundation Hospital

John M. Mitchell, Jr.
Owner
Mitchell Distributing Company,
M-Prints and Mitchell Signs

C. D. Smith, Jr.
Regional Manager
AT&T Mississippi

Tupelo

V. M. Cleveland
President
Tupelo Furniture Market

Johnny L. Crane II
President
F. L. Crane & Sons, Inc.

Carlyle S. Harris, Jr.
General Partner
Harris Holdings LP

D. Colin Maloney
President
Century Construction and Realty, Inc.

Adam Mitchell
Vice President
Mitchell Distributing Company

Trustmark Corporation Annual Report 2014

Elizabeth J. Randall
President
Randall Commercial Group, LLC

W. Briggs Hopson III
Partner
Teller, Hassell & Hopson, LLP

Donald Jarratt
Managing Partner
Jarratt Properties, LLC

Thomas Kendall
President
Trustmark National Bank

Larry L. Lambiotte, Sr.
President and
Chief Executive Officer
PolyVulc USA, Inc.
Vice President
Falco Chemical, Inc.
Managing Member
Power Transport Service, LLC

Tennessee

Charles E. Dacus, Jr.
Farmer
Dacus Farms

John David Douglas
President
Trustmark National Bank

Paul S. Harris
General Manager
Chickasaw Electric
(Retired)

Aubrey E. Henson, Jr.
Regional President
Memphis Region
Trustmark National Bank

John S. Wilder, Jr.
Treasurer and General Manager
Long Town Gin & Supply

Charles R. Russell
President
Trustmark National Bank

David S. Talton, MD
President
Cardiothoracic Surgery Clinic of
North Mississippi

Tylertown

Timothy O. Jones
Assistant District Attorney
Office of the D.A.,
14th Circuit Court District

Steven L. Kennedy
Owner
Tylertown Sports Center

Rob Loper, DVM
Veterinarian
Tylertown Animal Hospital

I. Conrad Mord II
Attorney
Mord Law Firm

J. Keith Speed, DO
Doctor of Osteopathy
William Carey University

Danny M. Trusty
President
Trustmark National Bank

Vicksburg

Ronald L. Andrews, Sr.
President
Vicksburg Insurance
Agency, Inc.

Robert R. Bailess
Partner
Wheeless, Shappley, Bailess
& Rector, Attorneys

John Fredric Farrell
President
Falco Chemical, Inc.
Vice President and Treasurer
PolyVulc USA, Inc.
Member
Power Transport Service, LLC

Jimmy G. Gouras
President
Jimmy G. Gouras Urban
Planning Consultant, Inc.
(Retired)

Trustmark Corporation Annual Report 2014

2014

2013

123,562

117,060

1. 83

1.83

0. 92

21.04

15.13

1. 75

1.75

0. 92

20.11

13.95

12.97 %

8.83

1.03

11. 59 %

8.62

9.63

13.47

14.56

13. 09 %

8.75

1.02

11. 49 %

8.26

9. 06

12.97

14. 18

$ 3,545,252

7,131,074

12,250,633

9,698,358

981,665

1,419,940

$ 3,362,882

6,752,256

11,790,383

9,859,902

438,190

1,354,953

Trustmark Corporation
2014 Financial Highlights

($ in thousands except per share data)

Net Income

Per Share Data

Basic earnings per share

Diluted earnings per share

Dividends

Book value

Tangible book value

Performance Ratios

Return on average tangible equity

Return on average equity

Return on average assets

Capital Ratios

Total equity/total assets

Tangible equity/tangible assets

Tier 1 leverage ratio

Tier 1 risk-based capital ratio

Total risk-based capital ratio

Year-end Balance Sheet Data

Securities

Loans

Total assets

Total deposits

Total borrowings

Total shareholders’ equity